Rera Scotches Rumour On Property MarketThursday, December 18, 2008
The Real Estate Regulatory Authority (Rera) has reassured investors that the country’s property market is safe and sound despite the current economic meltdown. However, the authority said on Wednesday that it could not protect those investors who have sought advice from unprofessional real estate agents. Pointing towards an unnamed “illegal group” sending out misleading and baseless information about property laws, authorities have asked investors to consult Rera before entering into any deals and stay alert. The circulation of such information is both highly misleading and deceptive to investors. This will directly cause investors to lose money if they do not thoroughly read their contracts and seek proper legal advice, Rera officials said. The officials urged the investors to consult them for official information on Dubai’s property market and their investments. They also appealed to investors to work with registered professional real estate agents and developers and to always check the validity of the source of emails, phone calls and newspaper articles. A list of all Rera-registered agents and developers may be found on the authority’s web site, the officials said. Investors seeking advice from unprofessional agents and property advisers were responsible for their own actions. All complete official enquiries submitted to Rera will be responded to within 48 hours, the officials assured. They added that all property laws introduced in the country are aimed to protect the market and investors. Rera is in the process of forming a legal panel to provide free consultation to investors. Further information will be announced on the Rera web site. To register for an official legal consultation appointment with one of the agency’s lawyers, investors can log on to Rera’s web site, they said.Source: Khaleej Times
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